{"title":"企业复杂性与套利限制","authors":"A. Barinov","doi":"10.2139/ssrn.3613528","DOIUrl":null,"url":null,"abstract":"Several important anomalies are stronger for more complex firms. Despite conglomerates being on average larger and more liquid than single-segment firms, anomalies are stronger for conglomerates. In the conglomerates-only sub-sample, anomalies are stronger for conglomerates with more between-segments difference in market-to-book and operating leverage.","PeriodicalId":57292,"journal":{"name":"公司治理评论","volume":"18 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2020-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Firm Complexity and Limits to Arbitrage\",\"authors\":\"A. Barinov\",\"doi\":\"10.2139/ssrn.3613528\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Several important anomalies are stronger for more complex firms. Despite conglomerates being on average larger and more liquid than single-segment firms, anomalies are stronger for conglomerates. In the conglomerates-only sub-sample, anomalies are stronger for conglomerates with more between-segments difference in market-to-book and operating leverage.\",\"PeriodicalId\":57292,\"journal\":{\"name\":\"公司治理评论\",\"volume\":\"18 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-07-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"公司治理评论\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3613528\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"公司治理评论","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.2139/ssrn.3613528","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Several important anomalies are stronger for more complex firms. Despite conglomerates being on average larger and more liquid than single-segment firms, anomalies are stronger for conglomerates. In the conglomerates-only sub-sample, anomalies are stronger for conglomerates with more between-segments difference in market-to-book and operating leverage.
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